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Learn to Negotiate

As with public speaking, many people find negotiating to be intimidating. Really, though, it's not that difficult to become proficient in either skill. Two things will prepare you for negotiating:

• Your sound bite. As you've learned, your sound bite gives a clear sense of what you offer in the business world. It also gives you self-confidence because are able to articulate exactly what that offering is.
• Your budget. Your budget reveals in black and white the revenue you need to cover your nut.

Armed with this knowledge, you know where you stand and are ready to negotiate for work.

Whether you're discussing your salary at a new job, asking for a raise, or setting a price for a project with a client (or buying a car or a home—or anything else), you want to bear two numbers in mind: the amount you want and the amount you're willing to settle for. Let's use negotiating a salary as an example. Suppose you're going in for a second or third job interview and you know the subject of money will be addressed. The question is, what do you ask for? To answer this, you must do your homework—your due diligence about the company with which you're interviewing. Research the industry to learn what the pay range is for the job for which you're applying. Have some idea of how well they pay compared to their competitors. If you're going for a manager's job and the pay range is $48,000 to $55,000 annually, you want $55,000, of course. The question then becomes, how much do you need?

Unfortunately, there are no strict rules on how to navigate the negotiation process. Every situation is different, each with its own variables. Plus, you need to consider more than just salary. There are also benefits, vacation time, career opportunities, the length of your commute, the availability of flex time, and so on. Factoring in all of the above, you can pinpoint the amount you want—and the amount you can live with.

Here's one important rule of negotiating: Be prepared to leave with nothing. If you're living within your means, you should not be desperate when you walk in the room. In a negotiation, if you must close the deal—if you have to get something, no matter how insultingly low the offer—you've lost before you've even begun. You have no freedom to turn the deal down if it makes no sense. Go in with your budget in mind and don't take less than your lowest figure. You want the freedom to walk away from the table—perhaps disappointed, but with your dignity intact. Not every date ends in marriage, and not every negotiation results in a deal. Thank the people you met with, and move on.

But wait...you'd be surprised how often a failed negotiation plants the seeds for future deals. The people with whom you've been negotiating will leave the table with a clear sense of what you offer. They'll also know that you respect your own talents, that you are unwilling to shortchange yourself, and that you respect their needs and budget and are willing to find a middle ground. Finally, they've seen that you can accept that sometimes, despite both parties' best efforts, a meeting of the minds isn't possible. They've seen that you're willing to entertain alternatives, but smart and honest enough to recognize when something won't work. Those are all qualities that people value in the business world. Don't be surprised if your get a callback months later, either from the people with whom you negotiated, someone else inside the company, or even an outside associate of theirs. Even though the first negotiation didn't result in a deal, you left a positive impression. It's just like a sale. It wasn't a “no,” it was a “not yet.”